This Is Success Robinhood CEO: How I was rejected by 75 investors but still built a $1.3 billion app
Jul 6, 2017
Vlad Tenev, co-founder and co-CEO of Robinhood, the commission-free trading app that grew to a multibillion-dollar valuation. He recounts emigrating from Bulgaria to Stanford, building trading automation, and knocking on about 75 VC doors before raising capital. Conversations cover launching via a wait list, attracting celebrity and angel backers, and designing instant, simple trading for younger investors.
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Tech Made Commission-Free Possible
- Automation and fast systems let retail trading scale like institutional trading.
- That technological parity enabled offering commission-free trades at low cost.
Overnight Waitlist Launch
- Vlad Tenev launched a simple website promising commission-free trading and a waitlist.
- Hacker News pushed it to #1 and they got 10,000 signups the first day, forcing a chaotic Saturday launch.
Relentless Fundraising Grind
- Vlad Tenev describes relentless fundraising and knocking on many VC doors.
- They approached about 75 investors before securing the necessary backers to move forward.
